Capital gains tax
April 2020 will see the implementation of new capital gains tax (CGT) rules, including the introduction of new stand-alone CGT return for disposals of UK residential property. From this date, the returns will have to be submitted and tax paid within 30 days of the completion date of the disposal.
This may take many property owners by surprise and we can only hope that solicitors/conveyancers handling the sale draw it to the attention of the seller. This is very different to the current method of declaring the sale on the tax return which can often be many months after sale. It should be noted that sales will still need to be reported on the annual tax return even if a stand alone CGT return has been submitted.
Making Tax Digital
Although there are no major changes expected until 2021, businesses need to prepare for the new requirement for digital links from April 2020. From this date, all data exchanged between different software programs will need to be via a digital link.
April 2020 will also see the new off-payroll working rules bringing the private and the public sectors in line. The new process will impact personal service companies as well as businesses engaging contractors through personal service companies.
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